Citadel CEO says that Ethereum-based currency will replace Bitcoin 

Kenneth Griffin, the Chief Executive Officer of American hedge fund Citadel, believes Ethereum-based currency would replace Bitcoin as the crypto king. ON November 10, during the New York Times’ DealBook summit, Griffin expressed his anticipation that “Bitcoin-based conception would be replaced by the Ethereum-based conception in the next generation of cryptocurrencies.”

He further added that the Ethereum-based currencies are faster and have a lower cost per transaction. Citadel holds more than $40 billion of market capital which is 25% of the trading volume of the US stock market.

Notably, ETH is a little faster than BTC currently, but we can expect a significant increase in the transaction speed along with lower transaction costs after full implementation of Eth2.

The billionaire is a long-time crypto skeptic and has been spotted many times, claiming that BTC has zero commercial use cases. 

Griffin said that the risk of fraud, energy expenditure, and high costs are some of the common risks associated with cryptocurrencies. He expressed his fear of these issues by adding that they are still not addressed properly.

Bitcoin is causing harm to environment

Bitcoin currently costs around $4.1 per transaction, which looks incredibly expensive for payment management. A typical credit card transaction fee is between 1.4% and 3.5% on all common networks like Visa, Mastercard, and American Express. The debit cards’ surcharge cost is also around 0.5%.

Griffin further showed his concerns about the environment by saying that Bitcoin is one of the biggest contributors to environmental issues like global warming. He analyzes this harm more than any form of payment the world uses.

The annual carbon footprint of BTC is around 90.48 tonnes of carbon dioxide. As per the BTC Energy Consumption Index, one BTC transaction is equivalent to carbon footprint by 2,008,657 VISA transactions.

He further added that the crypto industry is still in its early stages, and there is much more to come. The Ethereum is ruling the market as its visible from TheCoinRise’s earlier reports showing increase in Ethereum transactions by more than 350% in the last one year.